The present invention provides an improved billing and contract management method and a computerized enterprise resource management system for processing and management of rent-producing financial products, such as contracts and leases that are past the initial end term date, and that have not been renegotiated or extended, or, in other words, that have entered the “evergreen” period. Among other things, the method and computerized system of the present invention integrate processing of the “evergreen” contracts with a proprietary generalized erp software product/solution such as Oracle™ E-Business suite's Lease Management system, and supplement the processing of regular contracts with the “evergreen” contract authoring and booking, processing, validation, billing, accounting, collections, modification and audit trailing of the changes made to the “evergreen” contract terms.
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1. A method for processing a contract involving one or more rent-producing financial products, wherein the contract has entered the evergreen term, the method comprising the steps of:
determining whether the contract is past its initial end term date, and has not been renegotiated or extended;
authoring and booking the contract with one or more evergreen terms and conditions;
changing the status of the contract to indicate that it has entered the evergreen term;
determining using a computer processor whether the contract is eligible for a pass-through of the evergreen proceeds to at least one third party;
determining using a computer processor whether any rent proceeds were collected on the contract in the evergreen status;
sharing of the rent proceeds collected on the contract in the evergreen status; and
billing to the customer based on the evergreen terms, wherein at least one of those evergreen terms is different from the corresponding regular contract term before the contract reached the end of its term and entered the evergreen status;
wherein the evergreen billing frequency and amount terms are different from the corresponding regular contract terms before the contract reached the end of its term and entered the evergreen status.
20. A computerized system for processing a contract involving one or more rent-producing financial products as part of the generalized erp application operating on such computerized system, the computerized system comprising:
a computer memory for storing a plurality of executable instructions;
a generalized erp application stored in the memory as part of the executable instructions; and
a computer processor configured to receive the executable instructions from the computer memory and, in response to the executable instruction, operable to:
process information related to the contract involving one or more rent-producing financial products;
determine whether the contract is past its initial end term date, and has not been renegotiated or extended;
provide for the authoring and booking of the contract with one or more evergreen terms and conditions;
provide for the change in status of the contract to indicate that it has entered the evergreen term;
determine whether the contract is eligible for a passthrough of the evergreen proceeds to at least one third party;
determine whether any rent proceeds were collected on the contract in the evergreen status;
determine that at least part of the rent proceeds collected on the contract in the evergreen are to be shared with at least one third party;
perform the billing of a customer based on the evergreen terms, wherein at least one of those evergreen terms is different from the corresponding regular contract term before the contract reached the end of its term and entered the evergreen status;
wherein the evergreen billing frequency and amount terms are different from the corresponding regular contract terms before the contract reached the end of its term and entered the evergreen status.
11. An apparatus for processing a contract involving one or more rent-producing financial products, the apparatus comprising:
a memory for storing a plurality of executable instructions; and
a processor coupled to receive the executable instructions from the memory such that the processor, in response to the executable instructions, is operative to:
process information related to the contract involving one or more rent-producing financial products;
determine whether the contract is past its initial end term date, and has not been renegotiated or extended;
provide for the authoring and booking of the contract with one or more evergreen terms and conditions;
provide for the change in status of the contract to indicate that it has entered the evergreen term;
determine whether the contract is eligible for a passthrough of the evergreen proceeds to at least one third party;
determine whether any rent proceeds were collected on the contract in the evergreen status;
determine that at least part of the rent proceeds collected on the contract in the evergreen are to be shared with at least one third party;
perform the billing of a customer based on the evergreen terms, wherein at least one of those evergreen terms is different from the corresponding regular contract term before the contract reached the end of its term and entered the evergreen status;
perform the authoring and booking of a contract without the evergreen terms if it is determined that the contract has not entered the evergreen status; and
perform the billing of a customer based on the regular contract terms when the contract has not reached the end of its term;
wherein the evergreen billing frequency and amount terms are different from the corresponding regular contract terms before the contract reached the end of its term and entered the evergreen status.
2. The method of
authoring and booking a contract without the evergreen terms if it is determined that the contract has not entered the evergreen status; and
billing to the customer based on the regular contract terms when the contract has not reached the end of its term.
3. The method of
4. The method of
5. The method of
generating the evergreen invoices and the evergreen accrual streams as part of the evergreen billing; and
notifying the customer before the contract changes its status to indicate that it has entered the evergreen term.
6. The method of
validating the eligibility of the contract for the evergreen status prior to the contract activation and performance of the billing function.
7. The method of
8. The method of
accounting for the sharing of the rent proceeds collected on the contract in the evergreen status.
9. The method of
modifying at least one of the evergreen contract terms or conditions during the evergreen contract life term; and
creating an audit trail of the modifications to the evergreen contract terms or conditions made during the evergreen contract life term.
10. The method of
12. The apparatus of
13. The apparatus of
14. The apparatus of
generate the evergreen invoices and the evergreen accrual streams as part of the evergreen billing; and
notify the customer before the contract changes its status to indicate that it has entered the evergreen term.
15. The apparatus of
validate the eligibility of the contract for the evergreen status prior to the contract activation and performance of the billing function.
16. The apparatus of
17. The apparatus of
account for the sharing of the rent proceeds collected on the contract in the evergreen status;
modify at least one of the evergreen contract terms or conditions during the evergreen contract life term; and
create an audit trail of the modifications to the evergreen contract terms or conditions made during the evergreen contract life term.
18. The apparatus of
19. The apparatus of
an input device for inputting information related to the contract involving one or more rent-producing financial products; and
an output device for outputting information related to a contract that is eligible for or have entered the evergreen term, and for outputting the terms and conditions for that evergreen term.
21. The apparatus of
generate the evergreen invoices and the evergreen accrual streams as part of the evergreen billing; and
notify the customer before the contract changes its status to indicate that it has entered the evergreen term.
22. The apparatus of
validate the eligibility of the contract for the evergreen status prior to the contract activation and performance of the billing function.
23. The apparatus of
account for the sharing of the rent proceeds collected on the contract in the evergreen status.
24. The apparatus of
modify at least one of the evergreen contract terms of conditions during the evergreen contract life term; and
create an audit trail of the modifications to the evergreen contract terms or conditions made during the evergreen contract life term.
25. The apparatus of
an input device for inputting information related to the contract involving one or more rent-producing financial products; and
an output device for outputting information related to a contract that is eligible for or have entered the evergreen term, and for outputting the terms and conditions for that evergreen term.
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A portion of the disclosure of this patent document contains material that is subject to copyright protection. The copyright owner has no objection to the facsimile reproduction by anyone of the patent document or patent disclosure as it appears in the Patent and Trademark Office patent file or records, but otherwise reserves all copyright rights whatsoever.
The present invention relates generally to an improved billing and contract management method and a computerized system, and more specifically to software and a method for providing additional billing and management functionality and processing of rent-producing financial products, such as contracts and leases that are past the initial end term date and that have not been renegotiated or extended, or, in other words, that have entered the “evergreen” period. In particular, the present invention relates to the software that provides and incorporates the processing of the financial products (e.g., operating, direct finance, asset sales and sales type leases and loans) in the “evergreen” period with proprietary software products such as Oracle™ E-Business suite's Lease Management system and allows seamless integration with Oracle and other software contract management products and methods.
In today's competitive technological marketplace, computerized systems and proprietary software (a.k.a. an enterprise resource planning (ERP) applications) are used to track and manage a number of different financial and asset-based products, such as commercial leases and other types of rent-generating contracts. Most ERP systems track and manage only a limited aspect of a business agreement or a particular type of transaction, but some offer a more global approach, allowing a user to track the contractual arrangement and business transactions pursuant to this arrangement from sales and contract origination to the end term of the contractual agreement.
For example, Oracle™ Lease Management system and solution helps lessors manage a number of complex contractual business arrangements, such as vendor programs, operating agreements, investor agreements and other types of contracts with sufficient automation and flexibility necessary for operations in a global enterprise marketplace. Among other things, it helps lessors to account for transactions according to standards that may vary from one region to another, comply with evolving regulations, streamline and automate end-to-end business process to improve efficiencies and reduce costs by reducing traditionally labor-intensive processes such as contract authoring, review and approval, management of the transactions in multiple currencies, billing, funding, collections, insurance and contract termination.
Although Oracle's E-business suite's Lease Management software provides an improvement over prior lease management software products and ERPs that were specific to the requirements of a particular country and did not interface with other similar systems selected by the affiliates in other countries, Oracle's unified software solution and method for automating the end-to-end business processes is still deficient in a number of important aspects. It only has extremely limited functionality relating to automated processing, billing and accounting for the contracts in the “evergreen” period. The lease contract period for these contracts may have reached its term date, but the rents are still being collected and the contract is neither renegotiated, extended, or rebooked. Therefore, there exists a need for, among other goals and solutions, for a software system and a method of processing the “evergreen” contracts and integrating their processing with such contract management functions as authoring and booking, processing, billing, accounting, collections, modification of the terms and conditions and audit trailing of these modification in the ERP systems currently utilized by lessors.
One aspect of the evergreen lease management system includes resolves missing functionalities or computational shortcomings of existing enterprise resource planning systems. For example, one such ERP system having evergreen shortcomings may be the Oracle E-business suite's Lease Management software, but may also applicable to other ERPs by incorporating certain additional processes and software components into the generalized ERP software and method. It also addresses the need to incorporate the “evergreen” solution and processing into the centralized ERP system (such as Oracle Lease Management software) as independent modular components that do not interfere with, integrate easily with and operate together with other processes and components of a centralized ERP system. The term “centralized” in this case refers to unified functionality and all aspects of operations for a multinational enterprise. Physically, such a system could be implemented on a standalone computer processor with memory and an input device, as well as over a distributed network or even multiple networks.
Another aspect of the present invention is to permit customization and modifications to certain components of the automated solution and methodology utilized for the “evergreen” contract processing, billing, accounting, collections, audit and modification in a centralized ERP system.
These and other objects, features and advantages of the present invention, its integration and operation within a centralized ERP system such as Oracle Lease Management software, as well as other ERPs, will be best understood from the following detailed description of the embodiments of the present invention, taken in conjunction with the accompanying drawings.
Generally, administrative costs are among the top categories of expenditures for an asset-based finance company. Leasing companies and enterprises reduce the labor intensive processes associated with, for example, contract authoring, billing and collections by streamlining their operations, defining financial products with standard contract terms that generate certain expected accounting results, auditing schemes and collections. The Oracle E-Business Suite provides a centralized ERP that enables leasing companies to efficiently finance and loan products, manage customer and vendor relationships, bill and collect payment, disburse funds to vendors and investors, track and account for assets and products, define such aspects of a business as “customers,” “vendors,” “suppliers,” “employees” and “financial products.” The process and system incorporating the “evergreen” contract processing with the centralized ERP, such as Oracle E-Business Suite, is shown with reference to
Referring to
Although the preceding text sets forth a detailed description of various embodiments, it should be understood that the legal scope of the invention is defined by the words of the claims set forth below. The detailed description provided herein is to be construed as exemplary only and does not describe every possible embodiment of the invention because describing every possible embodiment would be impractical, if not impossible. It should also be noted that the sequence or arrangement of the particular steps shown in various figures accompanying the description of the embodiments of the current invention is not limiting, and it is understood that rearranging these described steps is within the scope of the contemplated invention. Numerous alternative embodiments could also be implemented, using either current technology or technology developed after the filing date of this patent, which would still fall within the scope of the claims defining the invention.
It should be understood that there exist implementations of other variations and modifications of the invention and its various aspects, as may be readily apparent to those of ordinary skill in the art, and that the invention is not limited by specific embodiments described herein. It is therefore contemplated to cover any and all modifications, variations or equivalents that fall within the scope of the basic underlying principles disclosed and claimed herein.
Moduga, Sridhar, Anupam, Chandra, Gunjikar, Prashant, Singh, Samir, Kumar, Uday
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